Mhome Group Records Surging Annual Growth in 2019 Following
WUHAN, China, June 19, 2020 /PRNewswire/ -- Mhome Group (000667.SZ) ("the company"), a top Chinese real estate developer headquartered in Wuhan, released its 2019 annual report. Last year, Mhome Group's operating revenue reached CNY 3.66 billion (USD 516.55 million) — a 45.19% increase year-on-year. Advance from customers in 2019 reached CNY 9.01 billion (USD 1.27 million) with a 31.19% year-on-year increase. Net profits attributable to shareholders of the listed company reached CNY 66.88 million (USD 9.44 million). Cash and cash equivalents assets of Mhome increased to CNY 2.54 billion (USD 358.01 million). This is the third consecutive year that Mhome Group has recorded an increase in its cash assets, which places the company in a strong financial position for future growth.
Mhome Group's strategic business layout of smart housing manufacturing and modern agriculture has cemented its position as a leader in the new era of infrastructure development. 2019's positive results come off the back of the company's industry-leading approach to smart housing manufacturing and demonstrates the immense potential of China's prefabricated construction market. The company garnered significant attention from global investors last year - Mhome Group stock was listed on the FTSE Russell and S&P Dow Jones Indices and between December 31, 2019 and June 1, 2020, foreign ownership of shares increased 70% from 10.39 million to 17.72 million.
In 2019, through its technology-centric approach and standardization of design, product configuration and components, Mhome Group enhanced its competitiveness and achieved a total contracted amount of CNY 6.74 billion (USD 951.79 million) in traditional property development business units and CNY 3.90 billion (USD 549.69 million) in prefabricated construction business units. The company has also introduced multiple international advanced assembly technology systems, including the Composite Shear Wall System and Central Control System, and expanded its footprints to 13 cities. These factories have an automation rate close to 100%, bringing Mhome Group's annual production capacity to 3.9 million m³ with a maximum assembly area of 52 million m².
Simultaneously, the company invested significantly in scaling its modern agricultural business through its ecological model to cultivate fresh, fragrant rice and farm green, pollution-free crayfish. At the end of 2019, over 14,000 acres of land was transferred to Mhome Group — 5,765 of which were transformed for crayfish aquaculture and 5600 acres of which are used for rice cultivation. To date, the company has 18 agriculture bases in Hubei, including 13 in Hong Lake and five in Jianli County.
In addition to growing its business, Mhome Group has increased investment into scientific research and development. As of 2019, Mhome Group collaborated on 56 research projects at renowned universities across the country, obtained 117 patents, and applied to establish 11 local technical standards. The company received more than 30 national awards across multiple industries, and a survey by the China Index Academy showed that the Mhome Group brand is valued at CNY 4.80 billion (USD 67.81 million), an increase of 66% year on year.
Looking ahead, Mhome Group will continue developing the core business units of smart housing manufacturing and modern agriculture. This will enable the group to promote future growth whilst ensuring the company fulfills its corporate social responsibilities.
About Mhome Group
Mhome Group (000667.SZ) was established in 1989 as a developer of residential and urban homes properties and provider of urban and rural construction services. Headquartered in Wuhan, China, Mhome is now a listed company with prominent presence in multiple industries including smart housing manufacturing, modern agriculture and industrial revitalization of small towns.
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SOURCE Mhome Group